The ‘Estimated Yearly Budget’ is an average cost that is calculated by the Financial Aid Office.
Your Estimated Yearly Budget consists of Direct Costs and Indirect Costs.
- Direct Costs are those expenses charged by the school such as: Tuition and Fees, Room and Board
(if living on campus) and Books (if charged to your student account at the school
- Indirect costs refers to expenses you may incur while enrolled in school but not charged by the school
such as: Transportation and Personal allowances.
The ‘Expected Family Contribution’ (EFC) is an amount determined by the federal government based on the information you
provided in the Free Application for Federal Student Aid (FAFSA). It is used to determine
eligibility for federal, state, and institutional financial aid and does not represent
your actual payment to the university.
‘Other Resources’ include expected private scholarships, employer financial assistance, vocational
rehabilitation, etc. that will be paid toward your educational expenses on your behalf.
Your financial aid offer could include several types of aid.
- Grants — based on expected family contribution (EFC) and do not have to be repaid.
- Scholarships — based on academic merit, expected family contribution (EFC) and do not have to
- Outside Resources — monies not already listed in your award package that you are expecting to receive
to pay from non-institutional organizations to assist with educational expenses
- Federal Work-Study — part-time employment opportunity for students while completing their degree program.
- Loans — money borrowed that must be repaid with interest.
You should periodically check for changes to your financial status at myFairmontState.edu.
All future communications from the Financial Aid Office will be sent to your college
email account. Be sure to check your college email account frequently.